So where are the troons migrating now?
Kiwifarms
They will probably spill all over, until the final destination is settled upon. That's what happened when Tumblr got censored, and eventually twitter eneded up as the go to place for these people. Right now reddit is the obvious candidate. The site lets you create subreddits and once you do, you are the god of your own little echo chamber. Site's admins are trannies and pedos so that's another pro for twitter exiles. Reddit is looking for buyers, and attracting new users would be good for them.
Another possibility is creation of a new platform. That's what happened when neogaf collapsed, and everyone back then expected reddit to be the main target. That did not happen, as reset era took neogaf's place. Maybe something similar to mastodon will show up.
So, is anything actually going to change?
Not in any tangible way, I assume. Twitter will likely become horrible but in different ways. Instead of draconian PC policies, there will probably be efforts to reduce anonymity under the guise of fighting with bots. Celeb circles Elon is in like to bitch about anonymous people attacking celebrities. Many Joe Rogan's comedian friends expressed this sentiment for example. Some additional verification requirements are probably going to get implemented. It will probably start with every phone number being usable only for a single account. Last time I checked you could use one phone number for multiple accounts, but I never had twitter outside of following specific cows, and gave up once the phone number became a requirement.
I am very skeptical of the free speech promises. It's not good for business. I suspect that eventually negative things about Elon and his businesses will be suppressed too, but I might be a pessimist.
Bring back 1990 Internet.
If that were only possible... I would settle for 2000s or even early 2010s internet.